GOODWILL

The following summarizes the changes in the net carrying amount of goodwill as of March 31, 2020:



(in thousands)	Babcock & Wilcox Segment
Balance at December 31, 2019	$	47,160
Currency translation adjustments	(199		)
Balance at March 31, 2020	$	46,961

Goodwill is tested for impairment annually and when impairment indicators exist. All of our remaining goodwill is related to the Babcock & Wilcox reporting unit and the Babcock & Wilcox Construction Company reporting unit, which are both included in the Babcock & Wilcox segment.

In the first quarter of 2020, our share price declined significantly, which we considered to be a triggering event for an interim goodwill assessment. We primarily attributed the significant decline in our share price to the current macroeconomic conditions and impacts COVID-19 will have on our operations. In the interim test, we compared the fair value of the reporting unit to its carrying value as required by ASU 2017-04. Fair value was determined using the combination of a discounted cash flow method (income approach) and the guideline public company method (market comparable approach), weighted equally in determining the fair value. The market comparable approach estimates fair value using market multiples of various financial measures compared to a set of comparable public companies. Key Level 3 unobservable inputs in our valuation included cash flows and long-term growth rates reflective of management's forecasted outlook, and discount rates inclusive of risk adjustments consistent with current market conditions. A discount rate of 11.5% and 15.0% was used for the Babcock & Wilcox and Babcock & Wilcox Construction Company reporting units, respectively, which is based on the weighted average cost of capital using guideline public company data, factoring in current market data and company specific risk factors. As a result of the impairment test, no impairment was indicated during the three months ended March 31, 2020.